Highlights of the 2008 AICPA National Conference on Current SEC and PCAOB Developments
Annually, the American Institute of Certified Public Accountants (AICPA) hosts a conference featuring speeches by, and question-and-answer sessions with, members of the SEC, PCAOB, FASB, IASB and professionals from various industries. The attached issue of Deloitte’s Heads Up extracts key insights from nearly 26 hours of material presented during this year’s AICPA National Conference on [...]
On August 27, 2008, SEC proposed the potential mandatory adoption of IFRS in the U.S. beginning in 2014. The proposed rule would also allow certain qualifying domestic issuers to use IFRS as early as fiscal years ending on or after December 15, 2009. The SEC proposal would permit early adoption of IFRS by a limited number of [...]
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CFO.com in its article “No New Accounting Rules for Three Years?” reported that IFRS adoption in the U.S. was a recurring theme at a recent public forum held by the Financial Accounting Standards Board — and with that discussion came mention of a surprising idea. FASB believes that U.S. GAAP will be eventually be replaced [...]
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John W. White, Director, Division of Corporation Finance at U.S. Securities and Exchange Commission addressed the following questions: Should U.S. companies be permitted to prepare their financial statements using IFRS for purposes of their SEC filings? Should U.S. companies be required to prepare their financial statements using IFRS? The bottom line is that the IFRS [...]
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